Housing starts down for March

Housing starts down for March: "WASHINGTON -- April 18, 2006 -- March housing starts dropped 7.8 percent below February's revised estimate, and building permits -- an indicator of future activity -- fell 5.5 percent, the Census Bureau reported today.

Economists polled by Reuters had predicted a smaller decline.

Privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,960,000, which is 7.8 percent below the revised February estimate of 2,126,000; however, it is 6.9 percent above the March 2005 rate of 1,833,000.

Single-family housing starts in March were at a rate of 1,591,000, or 12.0 percent below the February figure of 1,807,000. The March rate for units in buildings with five or more units was 334,000.

Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 2,059,000, which is 5.5 percent below the revised February rate of 2,179,000; but it is 1.9 percent above the March 2005 estimate of 2,021,000."